* $200 million in funds available on a first come, first serve basis – could help over 20,000 home buyers
* New homes for any taxpayer and new/existing homes for first time home buyers
* “Qualified principal residence” means a single-family residence, whether detached or attached, that is purchased to be the principal residence of the taxpayer, is eligible for the homeowner’s exemption under Section 218, and has either never been occupied or is purchased by a first-time home buyer.
* $10,000 tax credit or 5% of purchase price (whichever is lower)
* Credit given in 3 payments to a taxpayer’s personal income tax returns over 3 year period
* Purchases should be made between May 1st, 2010 and Dec 31st, 2010 and Between Dec 31st, 2010 and August 31st, 2011 if the funds still available.
* Move up buyers also eligible if the home is a new home.
* Must be primary residence for at least 2 years or tax will need to be refunded
* New homes for any taxpayer and new/existing homes for first time home buyers
* “Qualified principal residence” means a single-family residence, whether detached or attached, that is purchased to be the principal residence of the taxpayer, is eligible for the homeowner’s exemption under Section 218, and has either never been occupied or is purchased by a first-time home buyer.
* $10,000 tax credit or 5% of purchase price (whichever is lower)
* Credit given in 3 payments to a taxpayer’s personal income tax returns over 3 year period
* Purchases should be made between May 1st, 2010 and Dec 31st, 2010 and Between Dec 31st, 2010 and August 31st, 2011 if the funds still available.
* Move up buyers also eligible if the home is a new home.
* Must be primary residence for at least 2 years or tax will need to be refunded
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